Oil Industry Vet Cheated Investors Out Of $17.6M, SEC Says

Law360, Los Angeles (July 1, 2013, 8:46 PM EDT) -- An oil and gas industry veteran used a fraudulent company to cheat unwitting investors out of $17.6 million, which he used to pay for his kids' private school tuition and buy gold coins, the U.S. Securities and Exchange Commission alleged Friday in a Texas federal complaint.

Bret L. Boteler, who has a history of federal securities violations, told novice energy exploration investors that the now-defunct EnerMax Inc. was an experienced exploration and drilling company, when in fact it was a sales office, the suit says. His...